Remittance

A remittance is a transfer of money by a foreign worker to an individual in his or her home country. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries. Workers' remittances are a significant part of international capital flows, especially with regard to labour-exporting countries. In 2014, $436 billion went to developing countries, setting a new record. Overall global remittances also totaled $583 billion. Some countries, such as India and China, receive tens of billions of US dollars in remittances each year from their expatriates. In 2014, India received an estimated $70 billion and China an estimated $64 billion.

Global extent

Remittances are playing an increasingly large role in the economies of many countries. They contribute to economic growth and to the livelihoods of less prosperous people (though generally not the poorest of the poor). According to World Bank estimates, remittances totalled US$414 billion in 2009, of which US$316 billion went to developing countries that involved 192 million migrant workers. For some individual recipient countries, remittances can be as high as a third of their GDP.

Remittance

A remittance is a transfer of money by a foreign worker to an individual in his or her home country. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries. Workers' remittances are a significant part of international capital flows, especially with regard to labour-exporting countries. In 2014, $436 billion went to developing countries, setting a new record. Overall global remittances also totaled $583 billion. Some countries, such as India and China, receive tens of billions of US dollars in remittances each year from their expatriates. In 2014, India received an estimated $70 billion and China an estimated $64 billion.

Global extent

Remittances are playing an increasingly large role in the economies of many countries. They contribute to economic growth and to the livelihoods of less prosperous people (though generally not the poorest of the poor). According to World Bank estimates, remittances totalled US$414 billion in 2009, of which US$316 billion went to developing countries that involved 192 million migrant workers. For some individual recipient countries, remittances can be as high as a third of their GDP.

Latest News for: remittance

CARACAS (Reuters) - Venezuela's exchange rate for remittances of its bolivar currency fell sharply on Monday, according to a rate published by a private exchange house, in what appears to be part of efforts by the crisis-stricken country to reform its distorted currency controls ... The remittance rate on Monday moved to 4 million bolivars per dollar ......

However, the fall of the Indian currency at the start of the week to a record low level against the dollar-pegged dirham has triggered a sudden hike in remittances from the UAE and other Gulf countries. Some of the exchange houses have even reported a rise of 25 per cent in volumes and are bracing themselves against a sudden deluge on the rise of remittances back to India....

The Chinese authorities have begun a coordinated crackdown on tax evasion and offshore currency transfers by some of the country’s highest-paid celebrities, in a move to tamp public anger over a yawning income gap ... In their cross hairs are movie... ....

This led to a record 25pc annual increase in total homeremittances that soared close to $1.93 billion in July from $1.54bn a year ago ...AsadUmar, widely tipped to be our next finance minister, has already said the PTI government will focus on growing home remittances to supplement foreign exchange inflows ... So the nation can expect more good news from the home remittances front in the near future....

As a logical consequence of international migration, the US has dominated the global remittance market with a 24% share of the global remittance volume (valued at $613 bn) and has ruled the roost as the largest sender of remittances. Interestingly, almost 1 out of every 4 remittance transactions originate from the US ...Remittances from the United States form the spine of Haiti's economy....

Every year, migrants send hundreds of billions of dollars worth of remittances back to friends and family in their home country ... The legacy remittance industry has been long dominated by cash, which requires physical locations where customers can hand over or pick up money ... But these companies' comfortable hold on the industry is now being challenged by digital remittance startups ... Get The DigitalRemittanceReport....

In a positive development, remittances posted their biggest jump in years for the month of July, rising by 25 per cent compared to the same month last year despite the raging uncertainty that prevailed in the run-up to the elections ... Similarly, month-on-month growth in remittances was 21pc higher than the June figure this year ... Remittances are the ......

Remittances from expatriate Pakistani rose 27.17 percent year-on-year in July 2018, the central bank data showed on Friday. Remittances to Pakistan totaled $1.929 billion in July 2018, compared with $1.541 billion in July last year ... The SBP’s figures showed that the trend in workers’ remittances remained same ... Remittances from Saudi Arabia depicted some improvement during the period in review....

The U.S.Supreme Court held in a 5-4 decision that states can require online retailers to collect sales tax, even when they do not maintain a physical presence in their borders. The opinion in South Dakota v. Wayfair, Inc., et al., No. 17-494, overturns twenty-six year old jurisprudence barring just that ...The… ... ....